Economic Growth and Tax Relief Reconciliation Act of 2001


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Economic Growth and Tax Relief Reconciliation Act of 2001

Legislation in the United States that reduced marginal tax rates for most American taxpayers. For example, it reduced the lowest bracket from 15% to 10% and the highest from 39.6% to 35%. It also simplified tax consequences of gifts and retirement plans. Proponents of EGTRRA claim that such policies spur economic growth. Critics point to lost government revenues and claim that the tax cuts primarily benefited the wealthy.
References in periodicals archive ?
Introducing the Economic Growth and Tax Relief Reconciliation Act of 2001, or "2001 Tax Relief Act," designed to even the playing field.
However, through the passage of the Economic Growth And Tax Relief Reconciliation Act Of 2001 on May 26, 2001 and signed into law by the President Of The United States shortly thereafter, some relief, although not immediately effective, has been provided to reduce the impact of the Marriage Penalty.
Two articles share the Millennium Series spotlight in this month's annual High-Net-Worth issue, both of them focusing on the Economic Growth and Tax Relief Reconciliation Act of 2001.
The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) requires that distributions of small amounts (between $1000 and $5000) left in 401(k) and 403(b) accounts when employees leave be automatically rolled into an IRA, unless the participant elects otherwise.
According to a Congressional Research Service (CRS) Report for Congress, The Alternative Minimum Tax for Individuals (RL30149), the effects of the legislative reductions in the regular income tax due to the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) have caused more middle-income taxpayers to be subject to AMT.
Additionally, several limitations set by the Economic Growth and Tax Relief Reconciliation Act of 2001 are scheduled to increase at the beginning of 2006.
Amid the declarations of victory and chest thumping that accompanied enactment of the Economic Growth and Tax Relief Reconciliation Act of 2001, it was easy to miss some of the legislation's finer points.
The new IRA provider expands the choices available to plan sponsors and providers seeking to implement automatic rollover programs under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).
Also provided were the statutory dollar amounts that were reset or established by the Economic Growth and Tax Relief Reconciliation Act of 2001.
IRC section 529 qualified tuition programs have become more popular due to Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) provisions that ended the taxing of distributions used to pay qualified higher education expenses.
The new IRA providers expand the choices available to plan sponsors, including those implementing automatic rollover programs under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).
CPAs who help clients with pension planning, take notice: Sweeping changes in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) have transformed this discipline.
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